Google's Eric Schmidt Is Giving Away $1 Million To People Who Are Solving Problems Through Technology

Google's Eric Schmidt will be donating $1 million to help solve world problems through technology. The money will go to a group or individuals who are accomplishing this goal in a smart way.

Schmidt announced the news this morning on CBS while promoting his book, "The New Digital Age." Jared Cohen, Google's Ideas Director, is his co-author.

"I think I should put my money where my mouth is," Schmit told CBS. The $1 million will be awarded on March 10. "We identified a whole bunch of companies all over the world trying to solve oppressive censorship, empower individuals, and make these phones more useful."